One of the best things that you can do for personal fraud protection is to monitor your bank account regularly. This is one of the top targets for fraud criminals, who can steal money from you in several ways, if they get hold of your personal information.

Most fraud criminals get away with their schemes, because it usually takes the victim a while to realize what has happened. By the time he figures out that someone has been stealing from him, it is often too late to even attempt to recover the loss… much less capture the perpetrator.

If victims figure out earlier that someone is defrauding them, they can nip it in the bud before they lose more money. This is why bank account monitoring is such an important part of fraud protection. It makes it easier to see the early warning signs, and thus stop a fraud scheme before it takes more than a little nip out of your assets.

Don’t Most Banks Already Monitor Accounts as Fraud Protection?

Yes, banks do try to keep an eye on their patrons’ accounts. In fact, they might even call you up before green lighting a large withdrawal or charge on your credit card, particularly if this is out of character for you.

However, this is not fool-proof fraud protection. Furthermore, there is every possibility that they too will not notice that any untoward activity has occurred on your account, if the people defrauding you do it in modest, but regular increments transferred out of your account to theirs.

That having been said, you should know that there are in fact a lot of fraud protection features offered by financial institutions these days. Credit cards as well as bank accounts can have several extra measures added to them depending on the bank and account type.

For more details on this, you should contact your bank or credit card company. Some of these features are optional, after all.So you should find out, if there is some type of fraud protection you would like to add to your account that is not already there yet.

How to Monitor Your Accounts Wisely

First off, try to do the monitoring electronically, as much as possible. Bank and credit card statements are among the most sought-out tools that fraudsters can use against you. If you simply cannot summon up the discipline to lock away, or shred every one of these that you print, stick to electronic statements. However, you still need to be careful with those: do not store or open them on public or shared computers and be sure to delete them after viewing.

You should do the monitoring very regularly, if you want this fraud protection measure to be worthwhile. The idea is to get such a good handle on your finances that you know exactly how much money is (or should be) in your account at all times.

That way, when an amount—even a small one—suddenly gets debited or goes missing from the total, you notice immediately. This sort of fraud protection affords you the possibility of a quick response, which is always how one should address fraud, if possible.

Advertisements